Our editorial team is independent and objective. To help support our review work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the CreditMashup site. This site does not include all companies or products available within the market.

We also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content.

While we work hard to provide accurate and up to date information that we think you will find relevant, CreditMashup does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our partners who offer products that we have affiliate links for.

Debt Statute of Limitations listed by State

The statute of limitations is the time period set by law in which someone can sue you. Each State sets its statute of limitations on debt.

Each state has a time limitation to legally enforce a debt. That time limit is referred to as the statute of limitations.

Once the time has expired on a debt you are no longer legally bound to pay that debt and cannot be sued for payment.

However, if you make a payment on the debt, acknowledge you owe the debt, or make a written promise to pay the debt,  it’s possible for the creditor to re-start the statute.

Creditors and debt collectors often know the statute of limitations has expired even though they make threats to sue you. They don’t want you to know there is no legal obligation to pay the debt once the statute date has expired.

Debt falls into four categories 

Not all debt is the same. There are four different categories of debt. It’s important to know which type of debt you have because the time limits are different for each type.

Open-Ended Accounts

Open-ended accounts are considered revolving debt. This is where an account has a revolving balance that you can repay and then borrow again. Credit cards, in-store credit, and lines of credit are all examples of open-ended accounts.

Oral Agreements

Oral contracts are verbal agreements to pay back money. There is nothing in writing. These are debts that were made based on an oral contract only.

Promissory Note

A promissory note is a written agreement to pay back a debt in certain payments, at a certain interest rate, and by a certain date and time. Mortgages and student loans are two examples of promissory notes.

Written Contracts

Written contracts must include the terms and conditions of the loan. All debts that come with a contract that was signed by you and the creditor falls in the category of a written contract. A medical debt is an example of a written contract.

Find the statute of limitation in your state

Before you pay an old debt, determine the statute of limitations on the debt, to help make a decision.

Join the family!

Get expert tips, news, and resources delivered to your inbox weekly.

You have been successfully Subscribed! Ops! Something went wrong, please try again.

Get In Touch

6080 Center Dr, 6th Fl
Los Angeles, CA 90045

© 2024 All Rights Reserved.